Central Arkansas State Exemptions Attorneys
One of the biggest misconceptions people have about bankruptcy is that they will lose all of their property. When they come to the Pray Law Firm in North Little Rock, Arkansas, and ask, "What can I keep?", they are surprised when we tell them they can keep everything. Very rarely does anyone actually have to give up his or her property when filing bankruptcy. If your property is at risk, we will advise you prior to filing bankruptcy.
Bankruptcy Exemptions Allow You to Keep Your Property
Two different sets of exemptions are available to choose from when you file bankruptcy: federal exemptions and state exemptions. Each set has its own strengths and weaknesses. For example, it is possible for a debtor to have significant equity in a house that is above what is protected in the federal exemptions. However, the amount of equity protected in the state exemptions is unlimited. In exchange, state exemptions are limited in terms of the amount of personal property is protected.
Our lawyers have extensive experience in these matters. We will review your situation specifically to gain an understanding of what you need to protect: your house, your car, your furniture and household goods, your clothing and your retirement accounts. We will then guide you toward the set of exemptions that makes the most sense for you.
What if Something Is Not Exempt?
If a piece of property is not covered in the exemptions, you may have to surrender it to the trustee. As an alternative, you may be able to keep the property if you pay the non-exempt value to the trustee.
Additionally, if filing Chapter 7 bankruptcy requires you to give up property that you would not like to give up, Chapter 13 bankruptcy may be a better option for you. There are many options to help you walk away with your property but without your debt.
Contact Us for a Free Consultation
To speak with one of the North Little Rock bankruptcy exemptions attorneys at our firm, call 501-588-7044, or contact us by e-mail.
